Toncoin Surges as Pavel Durov Exits France: Is a New Era Approaching?
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Toncoin (TON) has experienced a remarkable uptick of over 50% in teh past week. This surge has been primarily driven by reports that Pavel Durov, the founder of Telegram, received authorization to depart France for Dubai.
Weekly TON/USDT price chart.Source: TradingView
The recent bullish reversal in Toncoin is noteworthy, particularly after it dropped to $2.35, marking its lowest level in a year. This growth has drawn the attention of traders who are identifying crucial price levels for potential investments. Crypto analyst Crypto Patel highlighted what he describes as a “great entry zone” for long-term investors.
An eye on a potential 100% Rally by 2025
As noted by Patel, Toncoin’s price has “completely bounced” off its support area around $2.50.
The support level resides within the $2.40-$3.00 range that previously served as resistance during various market cycles from December 2022 through April 2024 and again in September 2023-April 2024. The analyst argues that this zone now functions effectively as an “vital entry point,” reflecting Toncoin’s ongoing recovery from this critical threshold.
Weekly TON/USDT price chart highlighting support levels. Source: TradingView/Crypto Patel
A decisive rebound from this support range could position toncoin to tackle its current descending trendline resistance in the upcoming weeks, perhaps pushing its price toward $5 by June or July.
Related Reads:
–Pockets in Telegram Set to Add 50 Tokens and Launch Yield Program
The Coming Surge: Analyst Insights on Future Price Movements
this optimistic outlook aligns with insights from another analyst who identified a falling wedge setup indicating that if Toncoin manages to break above its upper trendline, prices could rise towards an upside target of $6.
Falling wedges typically resolve positively when pricing breaches above their upper trendlines; they can escalate by nearly as much as the height measured at their peak before consolidation occurs.Lorem Ipsum dolor sit amet consectetur adipiscing elit ut.
An additional expert predicts continued bullish momentum for TON markets due to indications of being oversold according to customary technical metrics like the relative strength index (RSI).
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– Learn more about how RSI can function effectively; click here [link].
*Also taking into consideration our own analysis (at biztechlive), which states that updates on macro-economic variables can considerably influence crypto performance.*
Emphasizing Technical Metrics:
As of March mid-month figures illustrateстоў ამ პროდუქეციობკლინიკებს。,The coin’s Sharpe ratio—a metric used for assessing risk-adjusted returns—also signifies significant undersold conditions prevailing within the tumbling market.
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